 "Kansai Nerolac, Brigade Enterprises gain on Chennai land deal")
Kansai Nerolac Paints and Brigade Enterprises have gained more than 4% each after the industrial paints maker Kansai Nerolac said it has completed sale of its land in Chennai to realty firm Brigade Properties for over Rs 535 crore.
Brigade Properties is a 51:49 joint venture between Bangalore-based a realty company Brigade Enterprises and GIC of Singapore.
“The company has completed the sale of its Chennai land measuring 15.86 acres for a consideration of Rs 537.86 crore. The company has sold the land together with the buildings on it to Perungudi Real Estate, a special purpose vehicle formed by Brigade Enterprises and Reco-Caspia, a GIC Singapore affiliate company,” Kansai Nerolac Paints said in a statement.
Shares of Kansai Nerolac Paints rallied 6% to Rs 298 on the BSE in early morning trade. The stock currently close to its 52-week high of Rs 299 touched on January 11, 2016 in intra-day trade.
Brigade Enterprises surged 5% to Rs 149 on the BSE. The trading volumes on the counter jumped multiple-fold with a combined 116,595 shares changed hands on the BSE and NSE till 09:37 AM.
Brigade Properties is a 51:49 joint venture between Bangalore-based a realty company Brigade Enterprises and GIC of Singapore.
“The company has completed the sale of its Chennai land measuring 15.86 acres for a consideration of Rs 537.86 crore. The company has sold the land together with the buildings on it to Perungudi Real Estate, a special purpose vehicle formed by Brigade Enterprises and Reco-Caspia, a GIC Singapore affiliate company,” Kansai Nerolac Paints said in a statement.
Shares of Kansai Nerolac Paints rallied 6% to Rs 298 on the BSE in early morning trade. The stock currently close to its 52-week high of Rs 299 touched on January 11, 2016 in intra-day trade.
Brigade Enterprises surged 5% to Rs 149 on the BSE. The trading volumes on the counter jumped multiple-fold with a combined 116,595 shares changed hands on the BSE and NSE till 09:37 AM.